Slash Boxes

SoylentNews is people

posted by janrinok on Monday July 04 2022, @10:16PM   Printer-friendly
from the somebody-wants-more-bribes dept.

U.S. May Lose Silicon Wafer Factory If Congress Can't Fund CHIPS Act, Commerce Secretary Says

U.S. may lose silicon wafer factory if Congress can't fund CHIPS Act, commerce secretary says:

U.S. Commerce Secretary Gina Raimondo told CNBC's Jim Cramer on Monday that she believes GlobalWafers will follow through on its plan to build a silicon wafer factory in Texas — but only if Congress passes funding for the CHIPS for America Act by the time the August recess begins.

"This investment that they're making is contingent upon Congress passing the CHIPS Act [funding]. The CEO told me that herself, and they reiterated that today," Raimondo said in an interview on "Mad Money."

"It has to be done before they go to August recess. I don't know how to say it any more plainly. This deal ... will go away, I think, if Congress doesn't act," she added.

GlobalWafers, a Taiwan-based semiconductor silicon wafer firm, said Monday that it plans to build a facility to produce the component in Sherman, Texas. The facility could create up to 1,500 jobs and produce 1.2 million wafers a month, according to the U.S. Commerce Department.

The CHIPS (Creating Helpful Incentives to Produce Semiconductors) for America Act incentivizes investment in the U.S. semiconductor industry. While it was passed in January 2021, a funding package has not been approved by Congress.

McConnell Warns Dems of Fallout for Reviving Biden Bill

McConnell warns Dems of fallout for reviving Biden bill:

Senate Republican leader Mitch McConnell threatened Thursday to derail a bill designed to boost semiconductor manufacturing in the United States if Democrats revive their stalled climate and social policy package.

The rejuvenation of the Democratic reconciliation package, central to President Joe Biden's agenda, remains a work in progress and is far from certain. But with some signs of progress in the negotiations, McConnell is moving to complicate Democratic plans by warning that Republicans would react by stopping separate semiconductor legislation from moving over the finish line in the coming weeks, despite its bipartisan support.

"Let me be perfectly clear: there will be no bipartisan USICA as long as Democrats are pursuing a partisan reconciliation bill," McConnell tweeted, referring to the shorthand name for the computer chips bill that passed the Senate last year.

Both chambers of Congress have passed their versions of the legislation, which would include $52 billion in incentives for companies to locate chip manufacturing plants in the U.S. Lawmakers are now trying to reconcile the considerable differences between the two bills, but at a pace that has many supporters worried the job won't get done before lawmakers break for their August recess.

Original Submission #1Original Submission #2

This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 5, Interesting) by Myfyr on Tuesday July 05 2022, @06:04AM (3 children)

    by Myfyr (3654) on Tuesday July 05 2022, @06:04AM (#1258165)

    McConnell, via his wife Elaine Chao, has significant business interests in China which are linked to Chinese state owned companies. He is unlikely to have "overlooked" anything regarding Taiwan. :/

    Starting Score:    1  point
    Moderation   +3  
       Interesting=2, Informative=1, Total=3
    Extra 'Interesting' Modifier   0  
    Karma-Bonus Modifier   +1  

    Total Score:   5  
  • (Score: 2) by FatPhil on Tuesday July 05 2022, @11:35AM (2 children)

    Chao, and her shipping magnate connections are Taiwanese rather than mainland, but your point still stands.

    When's the damn swamp going to be trained?
    The company has come under scrutiny due to perceived conflicts of interest involving Elaine Chao – daughter of its founders and sister of its current CEO – and her husband then-Senate Majority Leader Mitch McConnell.[15][16] Additional attention has related to Elaine Chao's role as Secretary of Transportation – which regulated U.S.-registered cargo vessels – during the administration of President Donald Trump.[4][17][12][18] In 2020, the company received a forgivable loan valued between $350,000 and $1 million under the Paycheck Protection Program, designed to help small businesses that would be otherwise unable to remain solvent during the COVID-19 pandemic.[19]
    Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
    • (Score: 0) by Anonymous Coward on Tuesday July 05 2022, @11:51AM

      by Anonymous Coward on Tuesday July 05 2022, @11:51AM (#1258227)

      When's the damn swamp going to be trained?

      Well, the replacements are trained as we speak. Does that answer your question?

    • (Score: 3, Informative) by DeathMonkey on Tuesday July 05 2022, @05:40PM

      by DeathMonkey (1380) on Tuesday July 05 2022, @05:40PM (#1258313) Journal

      Mitch McConnell's Wife Elaine Chao Abused Office to Help Family Firm With China Business, Watchdog Found []

      An inspector general overseeing the Transportation Department announced its findings in a 44-page report released on Wednesday. The report accused Chao of a dozen instances of using her office's staff to conduct personal tasks and work related to promoting the Foremost Group, a New York-based shipping business owned by her father and sister. The business does extensive business within China, according to the Associated Press.